After FDA Approval For Ovarian Most cancers Drug, ImmunoGen Turns into Prime Decide For This Analyst

• Tuesday, the FDA granted accelerated approval for ImmunoGen Inc’s (NASDAQ: IMGN) Elahere (mirvetuximab soravtansine-gynx) for folate receptor alpha (FRα)-positive, platinum-resistant epithelial ovarian, fallopian tube, or main peritoneal most cancers.

• HC Wainwright says the permitted label doesn’t require a previous remedy with bevacizumab, which in accordance with administration, may practically double the eligible affected person inhabitants.

• The analyst elevated the value goal from $12 to $20, with a Purchase score.

• Elahere’s broader-than-expected label would possibly consequence from the FDA’s entry to preliminary goal response price (ORR) and period of response (DOR) information from each arms of the MIRASOL examine.

• Elahere’s label features a boxed warning for ocular toxicities, however HC Wainwright believes it might have a restricted impression on Elahere’s adoption.

• Every 21-day cycle remedy would price $18,000-$25,000, with an annual price of $182,400 per affected person.

• BMO Capital Markets says ImmunoGen shares had been below stress (-13% vs. -0.26% XBI) following the Elahere approval convention name, which was a shock.

• BMO analyst raised the value goal from $17 to $19 on incrementally extra optimistic on MIRASOL information in early 2023.

• The analyst expects mirvetuximab can solely obtain ~$300 million peak gross sales, undervaluing the ovarian most cancers alternative.

• Value Motion: IMGN shares are up 5.09% at $5.27 on the final test Wednesday.

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